Gold prices fell in Saudi Arabia during morning trading on Thursday, with the global price of the precious metal declining.
The price of a gram of gold in the Kingdom of 24 carat fell to 228.35 riyals ($ 60.89), at the beginning of Thursday’s trading, compared to about 229.80 riyals ($ 61.27) yesterday, Wednesday.
The price of a gram of 21 carat gold, the best selling in the Kingdom, decreased to 199.81 riyals ($ 53.28), compared to 201.07 riyals ($ 53.62).
The price of a gram of 18-carat gold was about 171.26 riyals ($ 45.67), compared to about 172.35 riyals ($ 45.96), while the price of a gram of 14-carat gold was about 133.20 riyals ($ 35.52).
An ounce and a pound of gold
The price of an ounce fell to 7103.57 riyals (1894 dollars), compared to about 7147.50 riyals (1906 dollars).
As for the price of the pound of gold in Saudi Arabia (8 grams of 21 carat), it was recorded at 1598.46 riyals (426.26 dollars), compared to about 1608.59 riyals (428.96 dollars).
Saudi Arabia recorded financial revenues of more than half a trillion riyals during the first 9 months of 2020, despite the decline in oil prices in the market.
The total government expenditures for the Kingdom during the first nine months of this year were approximately 725.7 billion riyals ($ 193.6 billion), with a slight decrease, compared to 740 billion riyals (197.4 billion dollars) on an annual basis.
Last September, remittances from foreign workers in Saudi Arabia increased 29% to 13.21 billion riyals, compared to the same period in 2019.
The dollar is rising at the expense of gold
Globally, gold prices fell on Wednesday, as the dollar rose after preliminary results of the US presidential elections showed a close convergence than expected, with US President Donald Trump winning in Florida and advancing in several other swing states.
In spot transactions, gold fell 0.5% to $ 1898.97 an ounce at 0642 GMT, reducing losses by more than 1% incurred earlier after some investors took advantage of the price drop to buy the yellow metal. And US gold futures fell 0.5% to 1900.20 dollars an ounce.
“The market is losing confidence in a clear path to Biden’s victory at the moment,” said Kyle Roda, an analyst at IG Markets.
Trump won in Florida and outpaced Democratic rival Joe Biden in other swing states on Tuesday, but Biden expressed confidence that he would win the election by winning in three major states known as the Rust Belt states.
Biden is expected to inject a greater stimulus into the economy ravaged by the coronavirus pandemic.
Gold is seen as a hedge against inflation and a depreciating currency, which is usually the result of significant stimulus.
The dollar rose 0.4% against a basket of major currencies.
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